Grow Smart Rhode Island

What it reported doing in 2024

Public policy: we organized our policy and program work in 2024 under the goals discussed below: a. Revitalized main streets and downtownsspecific 2024 deliverables /outputs on this front included: 1. Main street capacity building and technical assistance initiativesdeputy director and main street director jillian finkle secured a a $26,000 grant from commerce ri through the main street streetscape improvement fund (Rhode Island energy's commitment of $20,000 serves as the required match.) the grant supported a main street network kickoff event on november 16, 2024 and will support ongoing monthly main street roundtable programs the november 16 event was a kickoff breakfast at oasis international for a new main street ri network. Based on feedback from the 25 attendees at the event, we will help develop a main street ri network in 2025, providing 4 virtual and 2 in-person meetings for members of community groups working in commercial districts. We will invite one "host" community per meeting to lead a presentation, detailing their process on a specific project and/or a discussion based on a current challenge they are encountering. Among our 2024 main street virtual roundtables were the following: " september 26: parking studies, featuring john shevlin of pare, nicole lafontaine, planning director for north kingstown and ben mandel, economic development planner for north kingstown. " october 31: the changing face of retail in commercial districts, featuring jo lee of pop up rhody, jan dane of stock culinary goods on hope street in providence, and former gsri board member leslie moore of pawtucket's black block. 2. State historic tax credit - in collaboration with key allies, especially preserve ri and the preservation society of newport county, we devoted a lot of effort raising alarm bells about the financial and regulatory challenges facing one of grow smart ri's signature achievements, the state historic tax credit program ("htc"). Val talmage of preserve ri and grow smart ri executive director, scott wolf, along with our respective communications staff began mapping out 2025 legislative and executive branch htc reform and recapitalization strategies. To inform and assist our efforts, we held a late october, 2024 strategy meeting with reps donovan and speakman and a similar meeting with senate allies lou dipalma (senate finance committee chair) and dawn euer (senate environment committee chair). At the same time, we have jointly developed several historic tax credit promotional materials, including a petition accessible on both our web sites calling on our state leaders to "fix" the program. B) expand and enhance transportation choices specific 2024 deliverables /outputs on this front included:1. We managed two grants through the Rhode Island department of health (ridoh focused on the built environment and public health and seeking to influence policies and actions that create more opportunity for increased physical activity. Among other things, this included education around land use and zoning reforms, advocacy for implementing Rhode Island's state-approved transit master plan and bicycle mobility plan. It also included a portion of the work we do advancing the main street ri initiative and programming that activates healthy, thriving main streets and encourages walking and physical activity.the ridoh grants are supporting a variety of communications, organizing and policy development activities that raise awareness and progress in addressing the link between the built environment and public health, especially physical activity. 2. "rhodies in transit" initiative grow smart engaged business, civic and elected leaders across the state about the importance of public transit to economic development, housing production, main street revitalization and climate actionthe purpose of the campaign is to raise awareness of decision makers and opinion leaders about the importance of investing in better transit.seven (7) trips were con

Financial Efficiency

• Mission deployment rate: 38.8%; rating input score 39
• Program expense ratio: 47%; rating input score 47
• Fundraising efficiency: $6.9 raised per $1 spent on fundraising; rating input score 26; 26th percentile among comparable filings

Transparency & Controls

• Consistency checks: 93.8%; rating input score 94; 24th percentile among comparable filings
• Pay-setting controls: 1 of 6 controls in place; rating input score 17
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 3 of 8 controls in place; rating input score 38
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Fail
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: 17.5%; rating input score 73; 73rd percentile among comparable filings
• Total-asset coverage ratio: 0.42; rating input score 20; 20th percentile among comparable filings
• Liabilities to assets ratio: 0.5; rating input score 16; 16th percentile among comparable filings
• Officer compensation ratio: 28%; rating input score 8; 8th percentile among comparable filings

Growth

• Program expense growth: -1.3% per year; rating input score 0; 14th percentile among comparable filings
• Revenue growth: 1.5% per year; rating input score 100; 22nd percentile among comparable filings
• Asset growth: 6.8% per year; rating input score 100; 47th percentile among comparable filings